representations to their London branches which held those deposits. Criticisms were levelled at the directors: The first result is that colonial banks have frequently opportunities for making larger profits in comparison with the volume of business than is possible with home banks. The second result arising from this possibility of larger profits is that there is a greater element of risk attaching to the business than attaches to the ordinary business of a British bank, and consequently need for greater caution in investments. It needs but a moment's consideration to reveal the fact that money advanced for the carrying on of our staple industry — the pastoral industry — is exposed to greater risk than money advanced on the comparatively steady staple businesses in Britain. Our staple industry is exposed to the caprices of climate and the invasion of insects, insignificant when considered singly but terribly significant when considered in the mass. Droughts, frequently recurring, blast the hopes of the pastoralist by robbing him of all prospect of return for his labour and anxieties, and that blasting of the squatter's hopes means loss to the institution which has advanced him money. These comments of 1897 were made as the Federation Drought (1896 to 1902) commenced, which resulted in the widespread death of livestock and strains of livelihoods. There were some reforms to regulation and law with a view to preventing future abuse. Social commentary Poets of the time were critical of financial institutions, their profligate lending practices, and the misery resulting from their actions. In 1947, an author wrote, "Bankers' ruthlessness... were so much a feature of the 'Australian way of life' fifty years ago, that they brought words of burning protest from the pens of some of Australia's leading poets." E. J. Rupert Atkinson's In the bank Here in this sacred place God is secure! His golden blood, hence, here and hither drugs Life. Ships, lands, cables, railways, roads, entice Spoil to this great hushed temple; men immure Their sons, all future hope here; here Death hugs, Slimes and devours their gluttony and vice. Bernard O'Dowd's The mortgagee We bring the wilderness to bounds; We grub the land to roads. In sour or sullen savage grounds We sow Advance's seeds; We grade the mountains, paint the hills With patterned greenery, And through Saharas lead the rills— To feed the mortgagee. Will H. Ogilvie's Taken over (1895) The banks are